Chaoda raises $51 million from placement

The fruit and vegetable grower becomes only the second Hong Kong-listed company to sell new shares this year.

Chaoda Modern Agriculture has raised HK$402 million $51 million from a placement of new shares, becoming only the second Hong Kong-listed company to raise fresh capital through a follow-on equity sale this year.

While quite small in absolute terms, the UBS-led placement represented about 10 days worth of trading volume, which is not insignificant in a market where investors continue to favour liquid stocks, mindful that they need to be able to get out should the market suddenly...

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